# Demographics -> Capital Intensity (Investment/GDP)

| Variable | M1: Z only | M2: Z + controls | M3: Z x KAOPEN |
|:---|---:|---:|---:|
| Z_1 | 32.6162*** | 39.2379*** | 37.8907*** |
| | (10.1327) | (13.7585) | (14.0167) |
| Z_2 | -3.8820** | -4.3562** | -3.9957* |
| | (1.5285) | (2.0594) | (2.1249) |
| Z_3 | 0.1286** | 0.1334 | 0.1131 |
| | (0.0624) | (0.0838) | (0.0876) |
| fiscal_bal_gdp | | -0.0497** | -0.0500** |
| | | (0.0208) | (0.0208) |
| nfa_gdp_lag | | 0.2132 | 0.2085 |
| | | (0.1736) | (0.1739) |
| rgdp_growth | | 0.0940*** | 0.0939*** |
| | | (0.0130) | (0.0130) |
| log_rel_opw | | -0.5925 | -0.5682 |
| | | (0.4721) | (0.4699) |
| kaopen | | -0.1084 | 0.2043 |
| | | (0.1694) | (0.2502) |
| Z_1_x_kaopen | | | -5.0008 |
| | | | (7.2097) |
| Z_2_x_kaopen | | | 0.6663 |
| | | | (1.0993) |
| Z_3_x_kaopen | | | -0.0234 |
| | | | (0.0453) |
|:---|---:|---:|---:|
| N | 6620 | 3917 | 3917 |
| R² | 0.0681 | 0.1098 | 0.1199 |
| Countries | 175 | 150 | 150 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*